Explain sole proprietorship.
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A business that legally has no separate existence from its owner. Income and losses are taxed on the individual,s personal income tax return . It is not a legal entity. It is a popular business form due to simplicity , ease of setup and nominal cost.
Disadvantage
Owner cannot raise capital by selling an interest in business
Advantage
Owner can freely mix personal and business
Hope you understand
A business that legally has no separate existence from its owner. Income and losses are taxed on the individual,s personal income tax return . It is not a legal entity. It is a popular business form due to simplicity , ease of setup and nominal cost.
Disadvantage
Owner cannot raise capital by selling an interest in business
Advantage
Owner can freely mix personal and business
Hope you understand
2Shashank1111:
Hope you understand
Hi
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